Toys R Us slashes prices as closing-down sale begins

The UK operations of Toys R Us and Maplin have both gone into administration.

Maplin and Toys R Us UK stores will stay open for now while administrators determine their future.

Maplin has 217 stores in the United Kingdom, including one on the same part of Chester Retail Park as Toys R Us, and PwC is still attempting to find a buyer for the group.

Moorfields said the appointment of administrators to run the United Kingdom business would not affect stores in other countries.

Toys R Us stores will remain open during the administration process, but the retailer can not refund any returns.

Simon Thomas and Arron Kendall, partners in Moorfields Advisory, have become joint administrators to Toys" R " Us in the United Kingdom.

Moorfields said it still hopes to find a last-minute buyer for all or part of Toys R Us - the United Kingdom subsidiary of the eponymous USA company of the same name.

As a result, stores across the United Kingdom will be closing in the coming days but customers can still enjoy one last hurrah after the company announced it will be discounting stock and launching big promotions nationwide.

PwC is still trying to find a buyer for the electronics company and Graham Harris, the company's CEO, confirmed that a sale had not been successful.

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'During this process Maplin will continue to trade and remains open for business'.

"Mothercare must be looking over its shoulder with concern as there are some parallels with Toys R Us".

All of the stock is now subject to clearance discounts and other special promotions across every store.

The UK branch's collapse comes after its USA parent company filed for bankruptcy past year. Toys R Us says they be continued to be accepted but they could withdraw this at any time. We have informed employees about the process and will continue to keep them updated on developments.

The chain has 217 stores, and is continuing to trade as efforts continue to find a potential buyer.

With the CVA, the company would enter administration in order to get protection from creditors and the administrator would work with the company directors to produce administration proposals.

In contrast, Galway-headquartered Smyths Toys has enjoyed strong growth in the United Kingdom in recent years, with sales climbing by 19pc from £334m to £396.49m (€447m) in 2016 on the back of new store openings and online sales.

The Toys R Us experience should have been a magical one with in-store events, dedicated play areas and product demonstrations,  Berg said.

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